Biovail Corp.’s former chief financial officer Brian Crombie must pay $300,000 in costs and is banned for eight years from serving as an officer or director of a public company, according to a settlement Thursday with the Ontario Securities Commission.
The agreement says Crombie has to pay an administrative penalty of $250,000 for the benefit of third parties designated by the commission. He is also instructed to pay $50,000 for a portion of the costs of the investigation that led to the settlement.
Crombie is one of four individuals prosecuted by the OSC for events that occurred several years ago. He was CFO of the drug company from May 2000 to August 2004 and left the company in 2006.